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NZD turned from outperformer to notable underperformer as Fonterra auction disappointed

Wednesday, October 21, 2015 12:36 AM UTC

NZD turned from early outperformer to notable underperformer as the latest Fonterra auction disappointed (the price of whole milk powder tumbled 4.6% despite another contraction in supply , although it comes on the back of some extremely strong price rises in recent auctions).

NZD has been a notable outperformer in G10 over the past month and now some technical trends are coming under pressure. NZD/USD is testing the rising support line at 0.6740 (spot 0.6750) while NZD/CAD (just) closed below 0.8770, pointing to a key day reversal on the daily charts.

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NZD turned from outperformer to notable underperformer as Fonterra auction disappointed

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